New FCA efforts to protect pensioners and those approaching retirement from too-good-to-be-true investment schemes have been backed by the Financial Services Compensation Scheme. New research from the FCA shows around a quarter of investment fraud cases involve unregulated products, bought from unauthorised firms.
As part of its ScamSmart campaign, the FCA has said that a sustained period of low interest rates has led to over-55s adopting riskier investments that promise high rates of interest. Of a survey of more than 2,300 people aged 55 or over, 13 per cent said they were not aware that unauthorised firms offering unregulated products meant no protection from either the FSCS or the Financial Ombudsman Service.
Be a ScamSmart investor:
• Investment fraud is often sophisticated and very difficult to spot
• Fraudsters can be articulate and appear financially knowledgeable
• They have credible websites, testimonials and materials that can be hard to distinguish from the real thing
• Reject unsolicited contact about investments
The advice is:
• Be sceptical
• Be suspicious
• Ask questions
• Check the FCA ScamSmart website, the FCA warning list and the FCA register to see if those wanting your money are genuine
To find out more, or to report a suspected scam, click here.
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